The Shrimp Feed market size was estimated at USD 9.96 billion in 2023 and is projected to reach USD 14.35 billion in 2030 at a CAGR of 5.36% during the forecast period 2023-2030.
Shrimp feed is a specialized type of feed specifically formulated to meet the nutritional requirements of shrimp in aquaculture. It is an essential component in shrimp farming as it provides the necessary nutrients and energy for healthy growth, development, and reproduction of shrimp. Shrimp feed typically contains a balanced combination of proteins, lipids (fats), carbohydrates, vitamins and minerals. The composition of the feed is tailored to the specific species of shrimp being farmed, as different shrimp species have different dietary needs and preferences.
Shrimp feed can be formulated in different forms, including pellets, crumbles, and powders, depending on the size and life stage of the shrimp. The feed formulation and feeding practices are crucial in optimizing the growth and overall health of the shrimp population in aquaculture ponds or tanks. In commercial shrimp farming, proper nutrition and feeding management are essential to achieve optimal growth rates, high survival rates, and disease resistance. The use of quality shrimp feed has become increasingly important in modern shrimp aquaculture to support sustainable and efficient production practices.
The shrimp feed market can be segmented based on type into grower, finisher and starter. Based on ingredient, the market can be segmented into soybean meal, fish meal, wheat flour, fish oil and others. Based on additives, the market is bifurcated into vitamins and proteins, fatty acids, antioxidants, feed enzymes, antibiotics, others and lastly, based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America. Changing dietary patterns and growing pescatarian population is one of the key factors for the growth of the market. Moreover, increased focus on adding high protein to the diet and growing demand for ready to eat shrimp based products has increased the demand for shrimp which in turn positively impacted the shrimp feed market.
The COVID-19 pandemic had a significant impact on the shrimp feed market. The pandemic led to a decrease in the demand for shrimp in countries such as China, Vietnam, Thailand and India which in turn led to a decrease in the demand for shrimp feed. Moreover, the pandemic caused major disruptions in the supply chains and severely impacted the packaging sector, as a result of which there was a shortage of raw materials which led to rise in their prices. In addition, shutting down of restaurants and other food service enterprises during the pandemic led to decrease in the demand for seafood, which in turn affected the shrimp feed market.
The shrimp feed market is expected to grow during the forecast period. This growth can be attributed to changing dietary patterns of people as more people are adopting pescatarian food in order to increase protein in their diet. Moreover, research in the field of shrimp feed has led to the development of cost-effective feed that reduces the expenditure in shrimp aquaculture and helps farmers to increase their profit margin. Moreover, major companies in the industry are focusing on the introduction of shrimp feed with health enhancing ingredients, such as enzymes, probiotics and nucleotides to improve the immunity of the population.
Asia Pacific to Dominate the Market
